Difference between Macro Finance and Micro Finanace - Coursework Example

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In economics perspective, microfinance deals with finance as well as economics of small or single businesses while macroeconomics deals with finance as well as economics of very large entities and more often the markets as well as economics of large areas like the whole world or…

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Difference between Macro Finance and Micro Finanace

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Subject: Nursing
Type: Coursework
Level: Undergraduate
Pages: 1 (250 words)
Downloads: 7
Author: baronschulist

Extract of sample "Difference between Macro Finance and Micro Finanace"

HEALTHCARE FINANCE In economics perspective, microfinance deals with finance as well as economics of small or single businesses while macroeconomics deals with finance as well as economics of very large entities and more often the markets as well as economics of large areas like the whole world or sectors of the economy of a given country (Paterson & Telyukov, 2014). Therefore loans or finance assistance of small amounts given to self-employed people, for instance loans to SWG (Self Welfare Group) is considered microfinance while higher level finances or loans of large amounts given to groups of people are considered macro finance.

However in nursing perspective, microfinance is the financial aid or assistance given to individuals towards their medical cover while macro-finance is the financial aid given to the whole group towards their medical cover. Microfinance concept is, therefore, an individual financial program while macro-finance concept is a group financial program. Microfinance can be tailored to meet the needs of a specific individual (Paterson & Telyukov, 2014). A practical application of macro-finance is government-sponsored programs aimed at helping cover healthcare costs, for instance Medicare which is health insurance program for all American citizens aged 65 or older as well as people with certain disabilities (Beik, 2013).

Medicaid, on the other hand, is a program that is aimed at helping the poor or low-income individuals, as well as families, pay for the costs that are associated with long-term custodial and medical care.A practical application for microfinance is private insurance. Here, plans are often tailored to meet the needs of different individuals or offer specific benefits to customers thus enabling them to reduce coverage costs (Beik, 2013). In the case, such individual goes for out-of-pocket medical expenses; they are reimbursed by Health Reimbursement Arrangements (HRAs).

In addition, individual health insurance premiums are also reimbursed.ReferencesBeik, J. I. (2013). Health insurance today: A practical approach. St. Louis, Mo: Elsevier.Paterson, M., & Telyukov, A. (2014). Healthcare finance and financial management: Essentials for advanced practice nurses and interdisciplinary care teams. Lancaster, Pa: DEStech Publications.

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